The anticipation for a fourth federal stimulus payment has been mounting since the completion of the third round of Economic Impact Payments (EIP) issued by the IRS to eligible Americans. While the discussions surrounding another stimulus check are ongoing, several states have taken it upon themselves to provide additional relief to their residents who are still grappling with the effects of persistent high inflation. In fact, states like Montana are offering income tax rebates of up to $2,500 for married couples filing jointly.
Moreover, various states have allocated stimulus funds for specific target groups such as teachers, energy savers, farm workers, essential workers, and frontline workers. Additionally, several cities like Chicago, Los Angeles, Pittsburgh, and Seattle are implementing their own stimulus payment programs for low-income households this year. Keeping up with the latest updates on stimulus checks, on a job, city, and state-level, is crucial. Regularly checking reliable sources like The Sun and referring to official city and state websites, as well as the state Department of Revenue sites, will ensure that you stay informed about any relief programs or tax rebates that you may be eligible for.
Let’s take a closer look at some state-specific stimulus programs that are currently in progress or just getting started:
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The Alaska Permanent Fund Dividend provides an annual dividend to Alaska residents using a portion of the state minerals revenue. The amount is calculated based on the number of eligible applicants and the net income averaged over the five most recent fiscal years. The application deadline is usually March 31 of the year, but there are exceptions. If you filed an online application, selected direct deposit, and were determined eligible for payment by September 22, 2023, you can expect to receive your 2023 dividend through direct deposit on October 5, 2023. Applications determined eligible for payment by October 18, 2023, will receive their dividend on October 26, 2023, either through direct deposit or by mail.
Massachusetts began issuing state tax refunds to eligible filers on November 1, 2022. The refund is equivalent to 14% of their 2021 Massachusetts state tax liability. If you haven’t filed your 2021 return yet, you can still receive a refund if you file by September 15, 2023. Once you file, you can expect to receive your refund approximately one month after.
The Minnesota Department of Revenue will be sending one-time direct tax rebate payments for tax year 2021 to eligible residents. The legislation, signed on May 24, 2023, provides payments of $520 for married couples filing jointly with an adjusted gross income of $150,000 or less. Individuals with adjusted gross income of $75,000 or less will receive $260, and an additional $260 will be given for each dependent claimed on their return, up to three dependents ($780). Residents can update their address or bank information through Minnesota’s secure online portal if it has changed since filing their 2021 return. Others won’t need to apply for this payment as the Department of Revenue will use previously filed income tax or property tax information.
The Montana Business & Income Tax Division announced that eligible Montana taxpayers can expect tax rebates through recently enacted state House bills. House Bill 192 provides a rebate for individual income taxes paid in tax year 2021. The rebate amount for those filing statuses of single, head of household, or married filing separately will be either $1,250 or the line 20 amount, whichever is less. Married couples filing jointly will receive a rebate of $2,500 or the line 20 amount, whichever is less. House Bill 222, on the other hand, introduces the Property Tax Rebate, which entails receiving up to $675 in property tax rebates annually. The rebates are available for the 2022 and 2023 tax years.
The New Mexico Taxation and Revenue Department has already started issuing rebate checks to eligible residents who filed a 2021 income tax return. Married couples filing joint returns, heads of household, and surviving spouses can expect up to $1,000, while single filers and married individuals filing separately are eligible for up to $500. Furthermore, New Mexico is providing additional rebates for residents who don’t qualify for the aforementioned amounts. Though the specific amount has not yet been determined, $15 million has been allocated for these payments. An application process will be launched by the Human Services Department, and distribution is expected to take place in July.
The Washington Working Families Tax Credit is set to provide payments ranging from $50 to $1,200 to eligible state residents. The beneficiaries include individuals and families who meet the eligibility requirements based on income level and the number of qualifying children in their household. Undocumented workers and those who use an Individual Taxpayer Identification Number for their taxes can also avail this payment. Eligible recipients have up to three years to claim their credit.
By staying informed about the stimulus programs and rebates available in your state, you can make the most of the financial assistance being provided. Remember to refer to credible sources and official websites for the latest updates. For more comprehensive information about various topics, you can visit 5 WS, a reliable source that covers a wide range of subjects.